HI ggersh, I lived in London when I was 12, several of my friends do a lot of business out of London.
Prices for UK real estate have dropped 20% in real currency terms for those whose base currency is the USD, CHF, EUR etc. and the new PM is not playing nice and the majority of the major foreign financial firms in the city are looking at relocating thousands of high end jobs to other financial center..... NY may be the net biggest beneficiary.
Message #117798 from ggersh at 4/3/2016 6:55:50 PM
My take is that you don't know London, it's the worlds capital in more
ways than one, prices wont take a hit if they Brexit, IMO
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London House Prices Forecast to Plunge as Brexit Chokes Market
Lucy Meakin
October 25, 2016 — 7:01 PM EDT
London property prices are set to fall next year as uncertainty about Britain’s exit from the European Union damps the U.K. housing market, according to the Centre for Economics and Business Research.
London, and especially the priciest areas of the capital’s housing market, will be most affected, with prices dropping 5.6 percent in 2017, according to the consultancy’s predictions. Across the U.K., while property value growth will accelerate to 6.9 percent in 2016, its is set to slow to 2.6 percent next year.
“Nervousness and uncertainty are starting to show,” said Kay Daniel Neufeld, an economist at Cebr. “We expect to see house-price growth across the U.K. slowing considerably in the fourth quarter of 2016, a trend that is set to continue in 2017.”
While the housing market was already facing headwinds from tax changes before June’s EU referendum, investors are becoming increasingly nervous about the possibility of a so-called hard Brexit. That could see the U.K. giving up membership of Europe’s single market for goods and services to secure greater control of immigration.
Accelerating inflation, increasing unemployment and slowing business investment are all set to weigh on house prices, while curbs on migration and a retreat from the single market could slow demand from international buyers, the Cebr said.
bloomberg.com
JP |
